0000000000-18-023611.txt : 20190423 0000000000-18-023611.hdr.sgml : 20190423 20180731153706 ACCESSION NUMBER: 0000000000-18-023611 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20180731 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: MBIA INC CENTRAL INDEX KEY: 0000814585 STANDARD INDUSTRIAL CLASSIFICATION: SURETY INSURANCE [6351] IRS NUMBER: 061185706 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 1 MANHATTANVILLE ROAD STREET 2: SUITE 301 CITY: PURCHASE STATE: NY ZIP: 10577 BUSINESS PHONE: 914-273-4545 MAIL ADDRESS: STREET 1: 1 MANHATTANVILLE ROAD STREET 2: SUITE 301 CITY: PURCHASE STATE: NY ZIP: 10577 PUBLIC REFERENCE ACCESSION NUMBER: 0001193125-18-067440 LETTER 1 filename1.pdf begin 644 filename1.pdf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In our comment, we may ask you to provide us with information so we may better understand your disclosure. Please respond to the comment within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to the comment, we may have additional comments. Form 10-K for the Fiscal Year Ended December 31, 2017 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Adjusted Book Value, page 36 1. Please provide us an analysis that provides insight into the numerator amount for which the per share amounts of book value of the MBIA Corp. legal entity and net unearned premium revenue are based. Reference for us where in your financial statements these amounts are disclosed. With respect to book value of the MBIA Corp. legal entity, tell us why book value is an add in the GAAP to non-GAAP reconciliation and whether and to what extent it represents VIE assets and liabilities that are consolidated as disclosed in Note 4 to your financial statements. With respect to net unearned premium revenue, tell us Anthony McKiernan MBIA INC July 31, 2018 Page 2 why this amount would not be impacted by expected loss to be expensed. In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. You may contact Christine Torney at 202-551-3652 or Jim Rosenberg at 202-551- 3679 with any questions. FirstName LastNameAnthony McKiernan Comapany NameMBIA INC Division of Corporation Finance July 31, 2018 Page 2 Office of Healthcare & Insurance FirstName LastName